1
Communism is an example of a strong type of what economy?
Command
(SEE CHART ONE)
Anything under 15 cents
Oil, Water, Land, Trees are examples of what?
Natural Resources
What type of resources are a delivery truck, printing press, computers, and office building?
Capital Resources
What year was the Declaration of Independence signed?
1776
A shortage of resources is called _______.
Scarcity
Raw materials found in nature are called _______.
Natural Resources
What is the equilibrium price?
15 Cents
DAILY DOUBLE
Modern day Russia is a good example of a society trying to move from a _______________ to a more ________________.
Strict command to market based
Which is the only edible food that never goes bad?
Honey
If the price of a good rises, producers will be encouraged to produce __________ of that item.
More
__________ were created because workers felt that big businesses weren't treating them fairly.
Labor Unions
(SEE CHART) How many pencils are going to be produced at .20 cents?
75
___________ is the study of how society chooses to use resources to produce and distribute goods and services for people's consumption.
Economics
What's the smallest country in the world?
Vatican City
(Less than 2/10ths of a square mile)
What are the means to produce goods and services called?
Factors of Production
When do natural resources become factors of production?
When they are used to produce goods and services.
Teachers, Coal Miners, Bank Mangers, Farmers
Human Resource
What type of economy does the US have?
Mixed
What mammals lay eggs? (2 answers, will accept either)
Spiny anteater and the duck-billed platypus
What are limited resources called?
Non-renewable
The ________ motive is the reward for taking a risk that encourages people to start businesses.
Profit
Japan is what type of country? (Economic System)
Capitalist
The price when the quantity of supply meets the quantity of demand of a particular good or service
Equilibrium
Who invented the cotton gin?
Eli Whitney